If any self-respecting investment bankers had been asked six years ago to name the greatest financial innovation of recent times, they would probably not have hesitated to name the collateralised debt obligation – a clever structure based on thousands of chopped-up mortgages and mortgage-backed securities.
6年前，无论你问哪位自视甚高的投资银行家近年来最伟大的金融创新是什么，他们恐怕都会毫不犹豫地给出同一个答案：债务抵押债券(CDO)。这是一种巧妙的结构性产品，以数千笔零散的抵押贷款和抵押贷款支持证券(MBS)为基础。
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